(Sharecast News) - A late-afternoon rally pushed US stock markets into positive territory on Tuesday, helping the S&P 500 rise to a new record closing high
Following the Presidents Day national holiday on Monday, Wall Street initially opened in a subdued fashion, with the three main equity benchmarks trading flat to slightly lower.
However, an increase in risk appetite in the final hour of trade saw the Dow and Nasdaq eke out a 0.02% and 0.07% gain, respectively, while the S&P 500 rose 0.24% to a new peak of 6,129.58, topping an earlier record close of 6,118.71 on 23 January.
Nevertheless, the mood was still cautious as investors continue to digest Donald Trump's plans for "reciprocal tariffs" on a number of America's biggest trading partners. Traders returned from the long weekend with their attention still turned to Washington on Tuesday, with all eyes focused on the White House as they hoped for further updates on the Trump administration's tariff plans.
Meanwhile, a close eye was being kept on Saudi Arabia, where US and Russian officials ended their controversial meeting on the future of a post-war Ukraine and pledged to explore closer economic and diplomatic ties.
The talks in Riyadh - which excluded the Ukrainians or any representatives from Europe - wrapped up after five hours amid concerns that any settlement to end the three-year conflict after Russia's unprovoked invasion of its neighbour, would favour Moscow and leave neighbouring states at risk of Russian aggression.
Economic data
On the macro front, the New York Federal Reserve's Empire State manufacturing index surged 18.3 points to +5.7 in February, easily beating expectations for a reading of -1. New orders and shipments grew, while employment levels fell, delivery times lengthened and supply availability decreased. Most notably though, optimism about future business conditions dropped significantly.
Elsewhere, the National Association of Housebuilders' housing market index fell to 42 in February, down from 47 in January for the lowest reading in the last five months. Concerns regarding tariffs, elevated mortgage rates and high housing costs weighed on the gauge.
NAHB chairman Carl Harris said "policy uncertainty and cost factors created a reset for 2025 expectations". He said: "Uncertainty on the tariff front helped push builders' expectations for future sales volume down to the lowest level since December 2023. Incentive use may also be weakening as a sales strategy as elevated interest rates reduce the pool of eligible home buyers."
Market movers
Intel's share price jumped nearly 11% on the back of rumours that the hardware company could be set for a potential break-up. According to the Wall Street Journal, rivals Broadcom and TSMC are discussing options to carve up the company.
"The apparent failure of Intel's turnaround plan means it is no surprise that vultures are starting to circle," said Dan Coatsworth, investment analyst at AJ Bell.
Pharmacy giant Walgreens Boots Alliance also jumped 13% on the back of renewed hopes that private equity group Sycamore Partners is showing interest in the company once again.
Nike shares were higher on the back of news that the sportswear giant has struck a deal with underwear brand Skims.
Dow Jones - Risers
Walgreens Boots Alliance, Inc. (WBA) $11.06 13.26%
Intel Corp. (INTC) $27.39 10.80%
Nike Inc. (NKE) $77.59 6.23%
Dow Chemical Co. (DOW) $39.72 2.72%
Goldman Sachs Group Inc. (GS) $672.19 1.76%
Procter & Gamble Co. (PG) $165.43 1.56%
Cisco Systems Inc. (CSCO) $64.59 1.34%
JP Morgan Chase & Co. (JPM) $279.95 1.21%
Visa Inc. (V) $356.73 0.83%
Salesforce.Com Inc. (CRM) $328.96 0.74%
Dow Jones - Fallers
Unitedhealth Group Inc. (UNH) $500.73 -4.35%
Home Depot Inc. (HD) $403.31 -1.51%
McDonald's Corp. (MCD) $304.83 -1.21%
Walt Disney Co. (DIS) $109.56 -0.74%
Johnson & Johnson (JNJ) $154.99 -0.74%
Amgen Inc. (AMGN) $292.80 -0.58%
Walmart Inc. (WMT) $103.78 -0.25%
S&P 500 - Risers
Nektar Therapeutics (NKTR) $1.06 16.41%
Walgreens Boots Alliance, Inc. (WBA) $11.06 13.26%
Intel Corp. (INTC) $27.39 10.80%
Bath & Body Works, Inc. (BBWI) $40.00 9.68%
CenturyLink Inc. (LUMN) $4.93 7.17%
Micron Technology Inc. (MU) $106.79 6.51%
Nike Inc. (NKE) $77.59 6.23%
Entergy Corp. (ETR) $87.40 5.95%
Western Digital Corp. (WDC) $72.03 5.48%
Estee Lauder Co. Inc. (EL) $72.19 5.10%
S&P 500 - Fallers
Fluor Corp. (FLR) $39.75 -8.41%
Medtronic Plc (MDT) $86.07 -7.26%
Advance Auto Parts (AAP) $44.57 -6.89%
Allegion (ALLE) $125.89 -5.62%
ConAgra Brands Inc (CAG) $23.90 -5.46%
Chipotle Mexican Grill Inc. (CMG) $54.49 -4.54%
MGM Resorts International (MGM) $38.07 -4.37%
Unitedhealth Group Inc. (UNH) $500.73 -4.35%
Foot Locker Inc. (FL) $19.58 -3.59%
Biogen Inc (BIIB) $136.57 -3.24%
Nasdaq 100 - Risers
Walgreens Boots Alliance, Inc. (WBA) $11.06 13.26%
Intel Corp. (INTC) $27.39 10.80%
Micron Technology Inc. (MU) $106.79 6.51%
Western Digital Corp. (WDC) $72.03 5.48%
Microchip Technology Inc. (MCHP) $57.86 4.53%
J.B. Hunt Transport Services Inc. (JBHT) $174.26 4.44%
Lam Research Corp. (LRCX) $86.58 4.40%
Wynn Resorts Ltd. (WYNN) $91.21 3.62%
Analog Devices Inc. (ADI) $220.22 3.39%
Dollar Tree Inc (DLTR) $74.52 2.62%
Nasdaq 100 - Fallers
Baidu Inc. (BIDU) $90.16 -8.56%
JD.com, Inc. (JD) $38.91 -5.89%
Trip.com Group Limited (TCOM) $67.17 -5.23%
Asml Holdings N.V. (ASML) $744.22 -3.83%
Biogen Inc (BIIB) $136.57 -3.24%
O'Reilly Automotive Inc. (ORLY) $1,295.82 -2.93%
Idexx Laboratories Inc. (IDXX) $449.06 -2.33%
Autodesk Inc. (ADSK) $295.66 -2.24%
Illumina Inc. (ILMN) $101.09 -2.00%
Meta Platforms Inc. (META) $716.37 -1.76%
104.23 (1.21%)
0.00